MONEY FG, States Finances in Trouble, Salary Cut Looms as NNPC Again Fails to Remit N1.89trn Crude Oil Sales Revenue Tuesday, June 28, 2022 at 11:27 AM by Dave Ibemere The Nigerian National Petroleum Corporation (NNPC) has announced it has no money to share to federal states and local governments Providing breakdown of its finance NNPC revealed it made N1.89 trillion in five months but most of the money has been spent World Bank has expressed concern that Nigeria could be heading for a massive fiscal crisis due to continue subsidy payments PAY On Monday, the Nigerian National Petroleum Corporation (NNPC) revealed it failed to remit monies to the federation account in May 2022 despite making N470.61 billion. This is the fifth straight months, NNPC has failed to add a kobo to the federal account while announcing a whopping N1.89 trillion revenue, N238.137 billion more than earlier projected revenue. NNPC deficit payment to the federation account is now a whopping N704 billion, which is giving serious headache to states. Mele KYARI NNPC Group Managing Director (GMD) @nnpc Source: Twitter Details of NNPC June FAAC report most of the revenue received by NNPC from crude oil sales has been pumped back to petrol subsidy, oil search, Pipeline Security & Maintenance cost, National Domestic Gas Development and Nigeria Morocco Pipeline cost among others. The development has caused the World Bank in its latest Nigeria Development Update report say Nigeria is facing a potential fiscal time bomb. Why no money from NNPC? As earlier noted, NNPC made N1.89 trillion revenue but spent N1.27 trillion, went on petrol subsidy. In fact, NNPC has informed FAAC that it would deduct N845 billion from June proceeds due for sharing at the July FAAC meeting, ThisDay reports. Snapshot of NNPC 5-month finance Credit: NNPC Source: Facebook Breakdown of NNPC subsidy payment in 2022 According to the NNPC presentation to the Federal Accounts Allocation Committee (FAAC) it paid N327.06 billion as subsidy in May, representing a 20.4 percent increase from the previous month and the highest on record this year. READ ALSO Distribution companies owing GenCos huge Amount as remmitances drop by 50 per cent A further breakdown of the subsidy spending shows that the oil firm paid N210.38 billion, N219.78 billion, N245.77 billion, and N271.59 billion as subsidy on petrol in January, February, March and April, respectively. NNPC sets date for completion of PH refinery In other news, the Nigeria National Petroleum Company (NNPC) has revealed the date for the completion of the Port Harcourt refinery. In 2021, NNPC during the award of the repair works contract to an Italian firm, Tecnimont promised 18 months of completion. The repair works are expected to gulp over N539 billion($1.5 billion) NNPC believes it will be ready for use in a few months' time. CBN lists 4 Steps to Request Refund as MTN Drags 18 Banks to Court Over N22.3bn ‘Error’ Transfer to Customers Tuesday, June 28, 2022 at 7:06 AM by Dave Ibemere Dealing with Nigerian banks can be very tough especially when requesting for refund on failed transactions, error transfer MTN Nigeria has also been caught in the mess but is not ready to lay low as many Nigerians would have It has dragged 18 commercial banks to court after MTN MOMO bank transfers N22.3 billion to 8,000 customers in error PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! MTN's newly licensed Mobile Money Payment Service Bank Limited (MOMO PSB) has sued 18 Nigerian banks to court to recover N22.3 billion ($53.7 million) that was erroneously sent to 8,000 bank accounts. The error was caused by a computer glitch, according to a court filing in action No. FHC/L/CS/960/2022 filed by the Mobile Money Bank against 18 banks. MTN's MOMO payment Bank is seeking a judicial declaration that the money transmitted in mistake belongs to it, not the banks' customers, in an initiating summons dated 30 May 2022 and filed before a Federal High Court. READ ALSO Kano states government obtains court order to close 3 commercial banks, gives 2 weeks deadline CBN Governor Godwin EmefieleCredit: ALexa Source: Getty Images The Cable reports that the requests formed part of the reliefs sought in the suit filed by a Senior Advocate of Nigeria, Chief Lotanna Chuka Okoli (SAN) on behalf of Momo Payment Service Bank Limited. PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates! Among other reliefs, the MTN bank is also seeking an order of the court directing the 18 banks to individually account for the sums available in their customer accounts and the sums which have been removed by the customers and are no longer available. In an affidavit in support of the originating summons, the Chief Executive Officer (CEO), MOMO PSB Ltd, Mr. Anthony Usoro Usoro claimed that MOMO PSB Ltd is the bona fide owner of the aggregate sum of N22.3bn which is maintained in its MOMO settlement account. He averred that on or about the 24th day of May, 2022, it was noticed that funds had been erroneously transferred from its settlement account to various accounts maintained by the 18 banks. READ ALSO Next Dangote set to Emerge as FG Issues Oilfield licenses to successful companies, 17 years after the last CBN four steps to request refund The Central Bank of Nigeria on its website has listed steps on how banks customers in Nigeria can lodge a complaint against Financial Institutions such as Commercial Banks, Microfinance Banks, Primary Mortgage Institutions and Discount Houses. Contact Your Institution First The Central Bank of Nigeria (CBN) issued a circular in 2011 directing all banks to expand their existing ATM HELP DESK to handle all types of consumer complaints. Therefore, CBN expects customers to first report the complaint at the bank/branch where the issue originated and then allow 2 weeks (it might be less in some banks) for the issue to be resolved. If Your Bank Fails to Resolve Your Complain This will be the next step, customers will have to escalate their complaint to the Consumer Protection Department (CPD) of the CBN if the bank fails to find a solution. READ ALSO Polaris Bank capitulates to court order, pays customer N500,000 for failed POS transaction The Customer is expected to write using this email: cpd@cbn.gov.ng or a handwritten letter to Director, Consumer Protection Department Central Business District, Abuja. The letter can be submitted at the CBN Head Office OR at any of the Central Bank of Nigeria branches of nationwide. The Complaint letter (petition) should contain amongst other things the following: Name, Address, Contact Phone Number & E-mail of the Complainant; Name of your Financial Institution; Personal banking details (Do NOT include PIN & Passwords, please History/Date of the transaction in dispute; Amount claimed (if any); Attach relevant documents to support you claim and; Evidence to show that you have first lodged the complaint at your bank. CBN finally added that Nigerians can make further inquiries and obtain additional information on the Complaints Handling Process of the Central Bank of Nigeria from the Complaints Unit of your Bank/Financial Institution or from CBN offices nationwide. READ ALSO FG releases list of 19,847 companies operating in Nigeria that can apply for contracts in ministries Woman drags bank to court over failed N61k POS transaction, wins N500k Meanwhile, in another story, a Nigerian woman has won a legal case against Polaris Bank over a failed transaction She had approached the court seeking compensation after the bank failed to reverse her funds despite several visits The Central Bank of Nigeria directs that every failed transaction must be reversed within 72 hours of working days or it will attract a fine. Source: Legit.ng Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news TAGS: CBN - CENTRAL BANK OF NIGERIAMTN NIGERIA HOT: MIKEY CHEN GIRLFRIEND HOW TO KISS A GUY KAYLEE BRYANT AGE NATALIE KRILL BOB MARLEY CHILDREN LATEST BREAKING: Nnamdi Kanu in tight spot as court slams him with tough verdict 15 minutes ago Man approaches stranger on the road, makes him clap for N5,000 in video 3 minutes ago 2023: Tinubu handed major boost as coalition movement kicks off in southwest 4 minutes ago JUST IN: Properties destroyed as fire guts warehouse in popular Lagos street 4 minutes ago Full list: Nigeria's 22 chief justices since pre-colonial, post-colonial era 4 minutes ago TRENDING Polaris Bank capitulates to court order, pays customer N500,000 for failed POS transaction a day ago Since the start of January, Mark Zuckerberg has lost N161.7bn daily, as he drops to 17th in billionaire list 4 days ago Bill Gate laughs at cryptocurrency, NFT Investors as N66.50trn is whipped out from Bitcoin value in 6 days 8 days ago Amazing 5 Forbes Tips for Investors, Entrepreneurs on Building Business, Brand and Ideas in Nigeria 7 months ago Online loan apps: Full list, profiles of 7 digital money lenders shut down by FG 16 days ago Elon Musk’s tumbling fortunes still makes him far richer than Dangote, Africa’s richest man 6 hours ago Secondary school student moves from baker to entrepreneur, makes N41.5 million yearly a day ago Nigerian largest commercial banks by earnings as Eco, Access others earnings rise by 25% in Q1 to N1.54trn 8 hours ago TOP STORIES Top to Bottom: Mr Ibu dances to Buhari's viral soundtrack, actor looks well, rocks jeans and cool shades 15 hours ago Macron seeks allies as new French parliament opens 8 hours ago A promise kept or betrayal? Hong Kong 25 years on from handover 6 hours ago Queen Elizabeth's 70th year on the throne: Nollywood's Regina Daniels and hubby honour invite to celebrate 2 hours ago Ekweremadu asks court for crucial order, gives details about how kidney donor refused to return to Nigeria an hour ago MORE ABOUT OUR COMPANY About Us Our Authors Our Manifesto Contact us Advertise with us DMCA Removal Privacy Policy Terms and conditions Policies and standards Categories Tags Legit.ng Charity Do Not Sell My Personal Information SOCIAL MEDIA Facebook Instagram Twitter Telegram YouTube Business newsletter Hausa News Spanish News French News READ US Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news Our applications for phones Naij.com Media Limited, 2022 All rights reserved Read more:


https://www.legit.ng/business-economy/money/1476814-federal-government-finances-mess-nnpc-petrol-subsidy-hits-n21trn/

Ok

The dullard has crumbled, crippled and degraded our economy.

Every sector of the economy is in total collapse and some fools be talking about reinforcing APC, I laugh

Yorubas claim of being an educated tribe is false. How can they keep endorsing failure for "political relevance"? whatever that means

Nawao ..... When Tinubu and governor's were sharing dollars where did you think the money came from. Vote Peter obi for better Nigeria, let's stop sharing of our common resources by criminals........

Emi Lokan wants to continue from where his friend stopped